Tokyo: Safe havens the yen and the Swiss franc held near six-month highs today while the US dollar nursed broad losses as financial markets grappled with mounting recession worries.
According to Oman News Agency, currency markets were fragile but calm in Asian trade after a volatile 24 hours, where the dollar reversed heavy losses against the safe-haven currencies as traders took stock of developments.
In currencies, investors have flocked to the Japanese yen and Swiss franc in the past week, seeking shelter from the market turmoil. The yen was last slightly stronger at 147.325 per US dollar, near the six-month high of 144.82 touched on last Friday. The Swiss franc last fetched 0.85665 per dollar, also close to a six-month high touched in the previous session.
The euro rose 0.58% to $1.0967, not far from the six-month high it hit last week, while sterling was 0.4% higher at $1.2776, inching away from the previous session’s one-month low.